Banana Gun Hacking Victims Will Get Full Fund Returns, BANA Prices Increase 7%

Banana Gun hacking victims will receive full refunds (Photo; Doc. Coinex)

JAKARTA - After experiencing a hack that caused a loss of around 3 million US Dollars (around Rp45 billion) last week, the victims of the Banana Gun hack were finally able to breathe a sigh of relief. The Banana Gun development team announced that they would provide full refunds to 11 victims through the company's cash. This announcement pushed the price of the BANA token up 7%, managed to recover losses that occurred last week.

This hack is aimed at crypto veterans with strong trading backgrounds or large presence on social media. The hackers managed to manually transfer Ethereum (ETH) from the victim's wallet when they received a notification from the Telegram trading bot. Despite having an independent code base, both versions of Ethereum Virtual Machine (EVM) and Solana from the Telegram-based bot were successfully hacked.

However, the Banana Gun team moved quickly to turn off the bot, stopping further attacks. Now, the Banana Gun EVM and Solana bots are back on track and trading activities on the platform have returned to normal.

According to Coingape's information, an in-depth investigation conducted by the Banana Gun team, along with external security experts, revealed that hackers exploited a loophole in the Telegram message oracle. This gap allows them to manually transfer ETH from the user's wallet, which causes significant losses. Notifications in bots that users receive during the attack are the main clues to the cause of the problem.

To prevent similar incidents in the future, Banana Gun has introduced several new security mitigation measures, including:

In the future, Banana Gun also plans to conduct penetration testing and additional audits of their web applications and Telegram bots.

Following the announcement of the return of funds and security improvements, the price of the BANA token jumped 7%, surpassing 39 US Dollars (approximately IDR 591 thousand) and returning market capitalization to 133.5 million US Dollars (approximately IDR 2 trillion). This increase managed to recover most of the losses that occurred in the previous week.